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    sinking in debt's Avatar
    sinking in debt Posts: 6, Reputation: 1
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    #1

    Mar 1, 2008, 09:03 AM
    Adult Adoption in North Carolina and the benefits
    I have only lived in North Carolina for about three years and I must say that this state has some strange laws.
    However I have heard that if an adult adopts another adult then the estate of either adult is left to the other in time of death. Provided that the will states that.
    It is my understanding that this is a way to help the adult that lives receive the estate. Free and clear?
    Does anyone know if this would work? I would consider being adopted if I could receive an estate for free with no taxes, mortgages, liens,etc.
    Any idea's would be helpful
    Thanks for reading this.
    sinking in debt:confused:
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,304, Reputation: 7692
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    #2

    Mar 1, 2008, 03:53 PM
    No, it will not transfer an estate free and clear if it is over the exemption amount allowed, even bio sons have to pay taxes on the estate over the exemption amounts.

    And there is no need to adopt, they can merely leave it to them in the will.

    And if there is already a mortgage on property, it will have to be paid by the estate or you will be responsible for it. AS so with liens. So no, you are wrong on what someowne has told you or you believe.
    sinking in debt's Avatar
    sinking in debt Posts: 6, Reputation: 1
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    #3

    Mar 1, 2008, 04:21 PM
    Fr_Chuck,
    Thank you for the information on this subject. I guess what I am asking now is how does the owner of the home (with a mortgage) leave it to a friend free and clear other than yearly taxes? What is the exemption amount if both parties are on Social security disability. These parties are not required to pay taxes due to the low income. Is this exemption like inhertains tax? I think it is a good thing not to have to go through adoption. Just need to know how to pass property off to someone else free and clear. Thanks for your input.
    SmartNsexa's Avatar
    SmartNsexa Posts: 50, Reputation: 4
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    #4

    Mar 3, 2008, 04:11 AM
    Hi there, not to intrude on Fr. Chuck,
    If this person has a home they want you to own upon their passing, then they simply can add you to the deed now, while they are alive. This has nothing to do with the mortgage; you can finance a home with 2 deed parties but qualify for that mortgage with only one of the deed parties income being consideredand in some states the other party does not have to have their name on the note, (yet in Alabama they do).

    Anyway, it seems to me that you might be looking at your present life circumstance in the wrong way.

    Have you considered asking "How can I make money enough to get these things for myself?" You can do it!

    Assuming you have no money, maybe a limited income and even maybe a disability, you can begin to make money enough to support yourself and even buy a home, and then more...

    Presently you can see listings for REO homes anywhere in the country via search engine. MANY of these homes can be purchased for a fraction of their true value. I saw one today that was 5K with a 35,000 appraisal. So start small, buy one of these REO homes and work on making it better, up to par with other similar homes in the area, put it on the market and live in it till it sells. Then take the profit and buy another REO, this time for more money; now you are increasing your credit rating, and you are creating wealth in the form of equity, which is always something banks will lend on.

    Now lets think of what you really want to do with your life job wise...

    Whatever it is, using the equity you have, apply for a small business loan and start that business you always wanted to do. These loans can be obtained for very little interest, and you can qualify using that home equity.

    Build your own estate!
    Good luck
    L
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #5

    Mar 3, 2008, 07:28 AM
    [QUOTE=SmartNsexa]Hi there, not to intrude on Fr. Chuck,
    If this person has a home they want you to own upon their passing, then they simply can add you to the deed now, while they are alive. This has nothing to do with the mortgage; you can finance a home with 2 deed parties but qualify for that mortgage with only one of the deed parties income being consideredand in some states the other party does not have to have their name on the note, (yet in Alabama they do).

    Anyway, it seems to me that you might be looking at your present life circumstance in the wrong way.

    Have you considered asking "How can I make money enough to get these things for myself?" You can do it!

    Assuming you have no money, maybe a limited income and even maybe a disability, you can begin to make money enough to support yourself and even buy a home, and then more...

    Presently you can see listings for REO homes anywhere in the country via search engine. MANY of these homes can be purchased for a fraction of their true value. I saw one today that was 5K with a 35,000 appraisal. So start small, buy one of these REO homes and work on making it better, up to par with other similar homes in the area, put it on the market and live in it till it sells. Then take the profit and buy another REO, this time for more money; now you are increasing your credit rating, and you are creating wealth in the form of equity, which is always something banks will lend on.

    Now lets think of what you really want to do with your life job wise...

    Whatever it is, using the equity you have, apply for a small business loan and start that business you always wanted to do. These loans can be obtained for very little interest, and you can qualify using that home equity.



    Same question again - no, at least in my area you cannot add someone else to the Deed when there is an existing Mortgage unless you modify the Mortgage (with the consent of the lender) or refinance. The theory that you will add your name to the Deed, the co-owner will die, you will inherit free and clear is simply not correct. If you are a co-owner of the property the Mortgage company wants you to be a co-debtor because they aren't simply going to walk away when someone dies or cannot pay the mortgage.

    And Father Chuck is correct about taxes, estate and otherwise, debts of the decedent and so forth. Also no need to adopt anyone - you can leave whatever you want to anyone you want by Will.

    No disrespect but while the rest of this is uplifting this is a legal board and the OP is asking for legal advice -

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